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KoFIU Holds 16th annual AML commemoration dayNov 28, 2022

The KoFIU held the 16th anti-money laundering (AML) commemoration day event on November 28, which is an annual event held to raise the awareness on AML controls and procedures and to award those who made contributions to the country's AML efforts. FSC Chairman Kim Joo-hyun attended the event and delivered welcoming remarks. In his speech, Chairman Kim said that the current AML regulatory framework, which makes up an integral part of Korea's financial system, has been made possible by persistent efforts of the KoFIU, especially with the enactment of the Act on Reporting and Using Specified Financial Transaction Information in 2020. As such, Chairman Kim urged the KoFIU to continue to grow as a globally trusted AML agency by keeping close tabs on evolving technologies and mechanisms that are used in money laundering and other illicit activities such as decentralized finance (DeFi) and virtual assets.
FSC Chairman holds meeting to review financial market conditions and monitor risksNov 25, 2022

FSC Chairman Kim Joo-hyun presided over a meeting with FSC officials on November 25 to check financial market conditions following the Bank of Korea's recent base rate hike of 25 bps. At the meeting, FSC officials checked year-end risk factors in financial markets and discussed response strategies. Authorities evaluated that the Bank of Korea's 25bp rate hike yesterday was largely in line with market expectations and that the recent turmoil in domestic credit market appears to be stabilizing somewhat due to expectations about a slower pace of monetary policy tightening at home and abroad and implementation of a series of market stabilization measures. However, as there are looming risks and uncertainties, authorities agreed to preemptively prepare and respond to both external and internal risks in order to prevent market anxieties from spreading.
FSC Chairman meets with venture startups and holds talks on ways to boost venture investmentNov 24, 2022

FSC Chairman Kim Joo-hyun visited Mapo Front1,a startup support center,on November 24and held talks withventure startupson the importance of establishing a startup-friendly ecosystem and ways to boostventureinvestments. During the meeting, Chairman Kim said that the FSC and policy financial institutions will step up efforts to provide financing support and facilitate investments from the private sector by creating a startup growth fund worth KRW15 trillion overfive years. Chairman Kim said that policy financial institutions will set up a funding support program worth KRW6.3 trillion which will offer low interest rate loans to venture startups based on their growth potential.
FSC holds meeting with P2P lending businessesNov 23, 2022

FSC Standing Commissioner Kwon Dae-young held a meeting with P2P (peer-to-peer) lending businesses and relevant institutions on November 23 to review recent trends in the industry and discuss ways to promote sound development of the P2P lending industryin the future. In his opening remarks, Standing Commissioner Kwon talked about the importance of P2P lending, especially in times of difficult economic situations, as P2P lending firms supply mid-interest rate loans to lower-income individuals and SMEs. In order to promote sound development of the P2P lending industry, Standing Commissioner Kwon said that there needs to be policy efforts to help alleviate their difficulties such as the tough borrowing conditions in the wake of interest rate hikes and declining investor confidence.
FSC holds talks with fintech labs and their affiliated financial holding companiesNov 15, 2022

FSC Standing Commissioner Kwon Dae-young held talks with fintech labs and their affiliated financial holding companies on November 15 and listened to how their fintech service development is being carried out and ways to facilitate their service development by making improvements tothe relevant regulations. During the meeting, Standing Commissioner Kwon said that increasing collaboration and coordination between financial holding companies and fintech firms will help bring about more innovation in the financial industry. In this regard, Standing Commissioner Kwon stated that it is important for fintech labs, especially in times of an economic slowdown, to step up efforts to more actively provide the role of fintech incubators to promote investments for fintech startups.
4th financial regulatory reform committee meeting heldNov 14, 2022

The financial regulatory reform committee held its 4th meeting on November 14 and discussed (a) ways to improve the regulation that requires separation of industrial and financial capital, (b) ways to overhaul financial institutions' subcontracting practices, (c) establishing a one-stop loan refinancing infrastructure and (d) measures to improve regulations in the insurance sector. In his opening remarks, FSC Chairman Kim Joo-hyun said that despite difficult current finacial market situation, seeking innovation in the financial industry and ensuring stability in financial markets need to take place coincidentally in order to move forward. In this regard, Chairman Kim said that the government is committed to work for both innovation and stability in financial markets.
Vice Chairman holds market monitoring meeting and announces additional measures to stabilize ABCP and CP marketNov 11, 2022

FSC Vice Chairman Kim So-young presided over a meeting with officials from the FSS, the Bank of Korea, financial industry groups and policy financial institutions on November 11 to review current market situation. At the meeting, authorities discussed recent trends in international financial markets, progress of the governments market stabilization measures announced earlier on October 23 and additional measures to help stabilize the CP (commercial paper) market. As financial markets both at home and abroad are rather sensitively reacting to unexpected market events recently, with heightened market volatility, FSC Vice Chairman Kim So-young urged authorities to closely monitor market situations and act swiftly by maintaining close communication with financial sectors and relevant institutions.
FSC Chairman holds talks with banking sector on market stabilization measuresNov 09, 2022

FSC Chairman Kim Joo-hyun met with the heads of Korea Federation of Banks and twenty major banks on November 9 and held talks on market stabilization efforts. At the meeting, participants shared their assessment on current market conditions as well as future forecasts and discussed (a) the banking sectors market stabilization role and future plan and (b) current difficulties in banks' financing and asset management conditions as well as ways to resolve them. During the meeting, Chairman Kim expressed appreciation for the banking sector as banks have provided steady support for vulnerable groups and supplied liquidity in response to the recent turmoil in money market and bond market. As the banking sector constitutes the core of our financial system, Chairman Kim said that banks should provide a leading roleinstabilizing markets by looking not only at the banking sector but at the whole financial system.
Vice Chairman visits central inclusive finance support centerNov 09, 2022

Vice Chairman Kim So-young visited the central inclusive finance support center operated by the Credit Counseling and Recovery Service on November 9 to check the progress of debt adjustment applications made available by New Start Fund which was launched a month ago on October 4. During his visit, Vice Chairman Kim held talks with relevant officials on the important role of New Start Fund in providing practical support for the self-employed and micro-enterprises. Financial authorities and relevant institutions will continue to closely work together to ensure seamless operation of New Start fund.
Financial authorities hold meeting to monitor market situation in wake of Fed's recent rate hikeNov 04, 2022

Vice Chairman Kim So-young presided over a meeting with the FSS, financial industry groups and policy financial institutions on November 4 to review the impact of the U.S. Fed's recent 75bp rate hike on domestic money market and discuss the progress of the government's KRW50 trillion-plus liquidity support measures. At the meeting, Vice Chairman Kim asked authorities to maintain vigilance and swiftly carry out available measures, while closely monitoring market situations and seeking measures to help stabilize the real estate PF ABCP market. Vice Chairman Kim also said that authorities need to check financial market risks by adopting a longer-term perspective and maintaining close communication with the financial industry and prepare for risks in a preemptive manner.
Vice Chairman attends 11th Korea-China-Japan high-level finance authorities meetingNov 03, 2022

The FSC and the FSS held the 11th Korea-China-Japan high-level finance authorities meeting in Seoul on November 13. In his opening remarks, Vice Chairman Kim So-young stated that the three countries are currently facing the common problem of rapidly rising volatility in financial markets. At the same time, Vice Chairman Kim said that it is important for the three countries to seek financial innovation to respond to the trend of digitalization in financial services. Authorities from each country discussed key issues regarding financial policy or market situation in their country and shared a common understanding on the current global financial market situation and the need to maintain close cooperation between them.
FSC Chairman meets with heads of financial holding companies and discusses market stabilization effortsNov 01, 2022

FSC Chairman Kim Joo-hyun met with CEOs of five major financial holding companies on November 1 and held talks on current financial market situation. At the meeting, Chairman Kim and participants discussed the important role of financial holding groups in stabilizing markets, ensuring liquidity provision to the real economy and providing support for vulnerable debtors. The five major financial holding companies pledged to provide a total of KRW95 trillion in liquidity support for markets and lending support for their subsidiaries by the end of this year. * Please see press release for details.